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CALGARY, Nov. 28, 2013 /CNW/ - Madalena Energy Inc. (TSXV: MVN) (the
"Company" or "Madalena") is pleased to announce the filing on SEDAR of
the unaudited interim consolidated financial statements and related
Management's Discussion and Analysis ("MD&A") for the three and nine
months ended September 30, 2013. Selected financial and operational
information is outlined below and should be read in conjunction with
Madalena's unaudited interim consolidated financial statements and
related MD&A which are available for review under the Company's profile
at www.sedar.com and on the Company's website at www.madalena-energy.com.

Subsequent to Q3 - 2013, the Company's latest Ostracod horizontal (100%
W.I.) was brought on stream in early November, 2013. During its
initial 24 operating days of production, the average rate of this
horizontal well was approximately 606 boe/d (84% oil & NGLs);

Closed a $7.25 million equity financing in early July, 2013;

Exited the third quarter with positive working capital of $8.9 million
and unutilized credit facilities of $13 million;

On November 14, 2013 announced an $11 million financing through an $8
million bought deal and concurrent $3 million private placement. The
private placement closed on November 21, 2013 and the bought deal is
scheduled to close on or about December 3, 2013; and

On November 28, 2013 Madalena increased its 2013 capital budget to $42
million. The increased budget will be primarily allocated to the
Company's Ostracod oil project.

The exploration period for Coiron Amargo Sur (southern portion of the
block) was extended until November 8, 2014 by way of an official decree
signed by the Province of Neuquén in Argentina on November 12, 2013.
Coiron Amargo Norte (northern portion of the block) is currently under
a 25 year exploitation (development) concession;

The CAS.x-14 vertical well in the southern portion of the Coiron Amargo
block was drilled and cased encountering approximately 105 meters of
Vaca Muerta shale on logs. Completion activities on this well are
expected to commence as part of a two-well completion program after the
CAS.x-15 well is drilled in the fourth quarter of 2013;

The CAN.xr-2(h) well was re-entered and is currently being drilled and
completed horizontally in the Sierras Blancas light oil reservoir. This
well represents the first horizontal well drilled into one of the six
Sierras Blancas conventional light oil pools discovered on the block to
date; and

Two 3D seismic programs were shot at Coiron Amargo Sur during the second
quarter and were subsequently processed in the third quarter of 2013.
The Coiron Amargo block (both north and south regions) is now almost
entirely covered with 3D seismic.

Curamhuele Block

The Company continues to examine opportunities in respect of a possible
a joint venture or other transaction with respect to its 90% Curamhuele
block in the Neuquén basin in Argentina. RBC Capital Markets ("RBC"),
Madalena's exclusive advisor related to its Neuquen basin assets, is in
communication with a broad spectrum of parties to solicit interest in a
joint venture or other transaction with the Company. The Company
cautions that there are no assurances that an acceptable joint venture
arrangement or other transaction will be reached.

Madalena is currently planning to shoot a 75 km2 3D seismic survey at Curamhuele during the first quarter of 2014. The
Company plans to merge this newly acquired data with the existing 125
km2 3D survey on the block. This will provide 3D seismic coverage on the
entire northern portion of the Curamhuele block.

Cortadera Block

On the Cortadera Block in the Province of Neuquén, the joint venture
signed an amended contract agreement on September 24, 2013 to formalize
a multi-year agreement for the extension of the initial exploration
period and inclusion of subsequent exploration periods.

The Company plans to re-enter the CorS.x-1 well to conduct re-entry work
to evaluate an uphole zone of interest in the wellbore. Re-entry
operations at CorS.x-1 are planned to commence in late Q4, 2013 or
during the first quarter of 2014.

Domestic Operations - Greater Paddle River Area, Alberta,Canada

Drilled, completed and tied-in a 100% working interest ("W.I.")
horizontal Ostracod oil well at 1-32-55-7W5M in the Paddle River area
of west-central Alberta. This well commenced production in early
November, 2013. During its initial 24 operating days of production the
well flowed at an average rate of 476 bbls/d of 30° API oil and 838
mscf/d of raw natural gas for a total of 616 boe/d(77% oil). After accounting for shrinkage and NGLs recovery at the local
production facility, the average rate over the initial 24 operating
days would equate to approximately 606 boe/d (84% oil & NGLs). This
well was drilled to a total depth of 3,250 metres with a horizontal
length of 1,380 metres and was completed with a 16 stage multi-frac
program.

In support of the Company's plan to recommence drilling operations in
the greater Paddle River area in Q4 2013, Madalena conducted upfront
survey, permitting and in some cases road and lease preparation work
associated with additional horizontal development locations on the
Company's multiple resource plays.

About Madalena - Domestic and International Assets

Madalena is an independent, Canadian-based, domestic and international
upstream oil and gas company whose main business activities include
exploration, development and production of crude oil, natural gas
liquids and natural gas.

Domestically, Madalena's core area of operations is located in the
Greater Paddle River area of west-central Alberta, where the
Corporation holds approximately 200 gross (155 net) sections of land
(78% average working interest).

Madalena trades on the TSX Venture Exchange under the symbol MVN. Basic
corporate information, recent news releases and regularly updated
corporate presentations are available on the Company's website at www.madalenaenergy.com.

Reader Advisories

Forward Looking Information

The information in this news release contains certain forward-looking
statements. These statements relate to future events or our future
performance, including, without limitation, with respect to the
expected timing of closing for certain financings, expected operational
activities, including drilling, completion, re-entry, evaluation and
seismic activities, and the timing thereof and matters pertaining to
Madalena's efforts to seek a joint venture partner for certain assets.
All statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "approximate", "expect",
"may", "will", "project", "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe", "would" and similar
expressions. In particular, this news release contains forward-looking
statements pertaining to planned operational activities to be conducted
by the Company. In addition, statements relating to "reserves" or
"resources" are deemed to be forward-looking statements as they involve
the implied assessment, based on certain estimates and assumptions,
that the reserves and resources described exist in the quantities
predicted or estimated and can be profitably produced in the future.
These statements involve substantial known and unknown risks and
uncertainties, certain of which are beyond the Company's control,
including: the impact of general economic conditions; industry
conditions; changes in laws and regulations including the adoption of
new environmental laws and regulations and changes in how they are
interpreted and enforced; fluctuations in commodity prices and foreign
exchange and interest rates; stock market volatility and market
valuations; volatility in market prices for oil and natural gas;
liabilities inherent in oil and natural gas operations; uncertainties
associated with estimating oil and natural gas reserves; competition
for, among other things, capital, acquisitions, of reserves,
undeveloped lands and skilled personnel; incorrect assessments of the
value of acquisitions; changes in income tax laws or changes in tax
laws and incentive programs relating to the oil and gas industry;
geological, technical, drilling and processing problems and other
difficulties in producing petroleum reserves; and obtaining required
approvals of regulatory authorities. The Company's actual results,
performance or achievement could differ materially from those expressed
in, or implied by, such forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of them
do, what benefits the Company will derive from them. These statements
are subject to certain risks and uncertainties and may be based on
assumptions that could cause actual results to differ materially from
those anticipated or implied in the forward-looking statements. The
forward-looking statements in this news release are expressly qualified
in their entirety by this cautionary statement. Except as required by
law, the Company undertakes no obligation to publicly update or revise
any forward-looking statements. Investors are encouraged to review and
consider the additional risk factors set forth in the Company's Annual
Information Form, which is available on SEDAR at www.sedar.com

Reserves and Other Oil and Gas Disclosure

Any references in this news release to test rates, flow rates, initial
and/or final raw test or production rates, early production, test
volumes behind pipe and/or "flush" production rates are useful in
confirming the presence of hydrocarbons, however, such rates are not
necessarily indicative of long-term performance or of ultimate
recovery. Such rates may also include recovered "load" fluids used in
well completion stimulation. Readers are cautioned not to place
reliance on such rates in calculating the aggregate production for
Madalena. In addition, the Vaca Muerta shale is an unconventional
resource play which may be subject to high initial decline rates.

All calculations converting natural gas to barrels of oil equivalent
("boe") have been made using a conversion ratio of six thousand cubic
feet (six "Mcf") of natural gas to one barrel of oil, unless otherwise
stated. The use of boe may be misleading, particularly if used in
isolation, as the conversion ratio of six Mcf of natural gas to one
barrel of oil is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. Given that the value ratio based on the
current price of crude oil as compared to natural gas is significantly
different from the energy equivalency of 6:1, utilizing a conversion on
a 6:1 basis may be misleading as an indication of value.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.